IPO System, Social Experience of Sponsor Representatives and IPO Performance

Based on the background of pilot implementation registration system in Shanghai Stock Exchange, this paper studies impact social experience sponsor representatives IPO performance, to explore whether with rich can better play their information production and certification intermediary functions securities issuance market, thereby improving performance. The research finds that: has a more effective inhibition earnings management level companies be listed under system; representative underpricing rate first day Under system, promotion long-term return is effective.